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Zorluk: KolaySelf-Regulatory Organizations (SROs) and FINRA

All proposed rule changes by Self-Regulatory Organizations (SROs), such as FINRA, must be filed with the Securities and Exchange Commission (SEC) for review and approval prior to taking effect.

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The statement is true. FINRA and all other SROs operate under SEC oversight, and any proposed rule changes must be filed with and approved by the SEC.
The statement is accurate because SROs operate under the statutory supervision of the SEC. Federal securities law mandates that proposed rule changes by FINRA or other SROs must be filed with the SEC for public notice and approval prior to implementation.

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1
Identify the regulatory relationship between SROs and federal regulators.
SROs (such as FINRA and MSRB) derive their regulatory authority from federal legislation under SEC oversight.
Understanding the hierarchy of securities regulation is fundamental to determining regulatory authority.
2
Evaluate the rule-making procedures required for SRO rule changes.
Proposed SRO rules must undergo SEC review and approval (or notice-and-comment filing) under Section 19 of the Exchange Act.
This requirement ensures that self-regulatory rules align with public interest and federal securities laws.

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SEC Oversight of SRO Rulemaking
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Self-Regulatory Organizations (SROs) and FINRA

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